M/S Raj Kumar Jain And Sons (Huf) vs The Commissioner Of Income Tax on 12 January, 2018
15. Having considered the issue in the light of the submission made on
either side, we find that the Ld. CIT(A) is right in his observation that there
is conflict of decisions on this issue between various Hon'ble High Courts.
The decisions of the Hon'ble Madras High Court supra were brought to the
notice of the Ld. CIT(A). Ld. CIT(A), however, referred to the latest decision
on this aspect rendered by the Hon'ble Rajastan High Court in the case of
Shri Raj Kumar Jain & Sons HUF Vs. CIT in ITA No. 157/2012 and observed
that inasmuch as the issue did not attain any finality by way of any
judgment of the Hon'ble Apex Court, he would be justified in following the
latest judgment on this aspect and on that premise, he disallowed the
deduction of Rs. 50 Lakhs claimed to have invested on 30-04-2013.